Altera Corporation (ALT) Q3 Tops EPS By 3 Cents

Altera Corporation (NASDAQ:ALTR) released its earnings report for the three months ending September 30, 2013 this afternoon after the bell rang on Wall Street. The company showed earnings of $0.37 per share for the three month period on revenue totaling $445.9 million. On today’s market, stock in Altera was flat and finished the day at $37.32.

Analysts following Altera Corporation (NASDAQ:ALTR) in the lead up to the release of this earnings report were looking for earnings of 34 cents per share from the semiconductor maker. Revenue for the three months through September was expected to come in at $452 million. In the same three months of 2012, the company earned 49 cents per share on revenue of $495 million.

Altera earnings

Altera Corporation (NASDAQ:ALTR) has been doing poorly in recent years. The company’s earnings are expected to come in at $1.41 for the full year 2013. Earnings for 2012 and 2011 were $1.72 per share and $2.35 in 2011 respectively. The company is expected to reverse its earnings decline next year. Analysts are looking for earnings of $0.34 from the company in its 2014.

Altera’s semiconductor business has become more competitive in recent years as companies from Asia broke into the market and offered similar products at lower prices. The company is in the midst of transforming its business in order to spur earnings growth once again.

Altera performance

Since the start of 2013, shares have performed poorly. Despite gaining around 9 percent since January 1st, the company has lagged wider indices. The S&P 500 has gained more than 22 percent so far in 2013, while the Nasdaq has gained more than 29 percent. The company’s earnings decline in recent years has resulted in its under-performance so far this year.

Altera Corporation (NASDAQ:ALTR) executives will host a conference call at 4:45 EST in order to discuss today’s earnings numbers. Analysts and investors will be looking for some comments on the company’s strategy to reverse its earnings decline and its guidance for the fourth quarter of the year.